It doesn't change my strategy at all on his contract this season.
You franchise him, you have to. FA is before the draft. You need a chip to trade with. I then offer him the exact same contract and terms he got last year. It's a year later, $30M still guaranteed in the first 2 years, and he benefitted from kicking the can down the road by getting $12M last year.
I then negotiate a trade if he balks at the contract. I'd actually make the contract offer before the tag.
Then his decision is, get your agent to find a trading partner, or make $14M next year. If he doesn't want to make money, I'm fine with him sitting. He has no legacy, so he'll want to come back. Sitting a year in your prime is suicide and you lose out on being able to rack up stats during that year.
His HOF potential would drop dramatically.
I'm not sure the rules if someone refuses to sign a tag and sits out. I'd think the tag is still usable the next year under the previous year's terms. If that's the case, he has zero leverage.